Permanent Loans

Secure Your Affordable Housing Investment

Century Housing Corporation’s permanent loans provide a secure pathway for affordable housing developers to repay construction and other loans prior to opening their properties. We offer a forward commitment of up to three years, with a maximum term of 18 years, guaranteeing the long-term financial stability of your affordable housing investment.

Permanent Loan Terms

Loan-to-ValueUp to 90%. Up to 80% for non-LIHTC properties.
DCR1.15 minimum. 1.20 minimum for non-LIHTC properties.
AmortizationUp to 35 years.
Eligible UsesRefinancing of existing debt including partial cash-out, acquisition of buildings, current funding or forward committed takeout of construction financing.
Loan Amount$1,000,000 minimum
Origination Fee1.0% to 2.0% depending on loan amount
Interest RateFixed, varies depending on loan term
Loan TermUp to 18 years, including extensions
Forward CommitmentUp to 36 months
AffordabilityDevelopments must be affordable to households earning no more than 120% of AMI.
Mixed-Use ProjectsMixed-use projects are eligible.
BorrowersNonprofits, for-profits, cities, counties and other public agencies within California, and joint ventures comprised of these entities, with a track record of developing affordable housing.
CollateralA first deed of trust in favor of Century upon the real property being acquired. Loans are non-recourse.
FeesApplication (refundable), up to $10,000. Legal, up to $20,000. Administrative, up to $1,000. Forward-commitment and appraisal fees, market determined.
Third-Party ReportsAppraisal (Century-ordered), phase I environmental, physical needs assessment, and soils, as necessary.
Timing30–45 day closings are typical, from receipt of application fee.
Financial ReportingPast 3 years of compiled or audited financial statements for borrower as well as operating statements for property.

Recently Financed Projects

Foon Lok East

Foon Lok East

Oakland, California

MidPen Housing Corporation

Century Loan Amount: $12,262,000
Loan Type: Permanent
Units: 125
Population: Families

MidPen Housing Corporation received permanent financing for Foon Lok East in Brooklyn Basin, a new master-planned community along Oakland’s waterfront. The development will provide 125 affordable rental units for low- and extremely low-income working families and unhoused individuals, adding to MidPen’s total contribution of 465 homes to this new community.

YIMBY pennant gift

Join our mission and receive a free pennant when you subscribe! While supplies last.

Sign Up for Century Updates